When looking for a new home, it’s not always easy to find something that ticks all the boxes. I hear it time and time again when showing people around homes for sale in Newport. ‘I love the bedrooms but….’, ‘the kitchen is perfect but…’. That ‘but’ can make or break a decision as to whether someone is going to purchase the property or not.
Of course, rather than buying something that is ready to move into straight away, you could consider renovating a property to your expectations. Anyone that’s done this will tell you it’s not something to be taken onboard lightly: a renovation project takes patience, time and, of course, money. But if it means that you end up with your perfect home, it may well be worth it in the long run, as opposed to tearing your hair out trying to find a property that ticks all the boxes.
Let’s look at the pros and cons.
You’ve seen a ‘property project’ and are considering taking it on. What are the benefits?
You’re in control – If you choose to renovate a property and have a good head for large scale projects, you will be well placed to design your dream home. You can take control of everything, from the layout and colour schemes to the fixtures and fittings.
You can be budget savvy – Properties requiring renovation usually have a cheaper price tag than finished/ready to move in homes. So, if you take a look at the market in the area you are considering and check out the asking price of finished properties, it may well make good financial sense to buy a renovation project. If you budget wisely you can end up spending a similar amount of money for something that meets your specification, as opposed to ‘settling’ for an already modernised home that someone else has made their mark on.
You could profit from it – Modernising a property instantly adds value, especially when it comes to renovated kitchens and bathrooms, which tend to be the rooms that catch the eye of most buyers. A new kitchen may add £20-30,000 to the value of a home and if you can replace the outdated one for £10,000, it’s a win-win. Roof extensions can be desirable and profitable too if your property is in the right location.
Obviously, as with any project, property renovation isn’t all sunshine and flowers. It does have potential pitfalls.
You might overspend – Having a budget is a must for any large project. The problem is, it can be really easy to go over budget. All it takes is one issue that you haven’t accounted for to rear its ugly head and you will need to find the extra cash or the renovation may grind to a halt. We’ve all seen enough property DIY shows to know that it is notoriously difficult to stick to a budget (‘Oh, but I must have those expensive tiles, the house just won’t be the same without them’!) So be aware of this and try to incorporate flexibility into the budget before you start.
You might not add value – Yes, you will definitely add some value to the property just by renovating it but you might not add real value and make your money back. For example, if you spend £100,000 on the makeover, there’s no saying that’s what the price tag would increase by if you put the home back on the market. You have to make sure that the final value of the property reflects demand and market prices in the area. So, don’t spend to excessively if it’s unnecessary and make sure you work within a sensible budget.
Who you gonna call…? Finding reputable and reliable tradespeople to do a job isn’t always easy: get it wrong and you could totally jeopardise the project. So, make sure you listen to recommendations and don’t just plump for a contractor because they are cheap. Well, not unless they are cheap and come highly recommended! Also, if you don’t feel comfortable managing the project yourself, make sure you get a trustworthy project manager on board who can keep things running smoothly.
If you decide that a renovation project is for you, give us a call at Bluestone Sales & Lettings and we will be happy to show you some properties that meet your requirements and can support you through your renovation.